Dominican Central Bank: Growth slows, inflation up

The Dominican Republic's Central Bank says growth has been slower and inflation higher than expected this year.

The bank says the economy grew 4.2 percent in the first nine months of this year, less than expected because of the weak global economy. It had projected growth of 5 percent to 6 percent. It says inflation was at an annual rate of 7.5 percent, largely due to higher fuel prices.

Central Bank Gov. Hector Valdez said Friday the trends indicate growth of 5 percent for the full year and inflation at 8.5 percent.

Exports for January through September rose more than 24 percent and foreign direct investment reached $1.8 billion. Valdez projects foreign investment will total $2 billion by the end of the year.

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Source: Business Week